Cash Access UK reveals location where 150th banking hub has opened
Banking hubs have been set up to help fill gaps in cash access, with many bank branches having closed.
The number of banking hubs open now across the UK has reached 150, according to an organisation which helps plug gaps in the cash system.
Cash Access UK said a hub in Kirkham, Lancashire, is the 150th to be set up.
Banking hubs involve banks sharing facilities in a single space.
Significant reductions in bank branches in recent years have prompted concerns about communities’ ability to access physical money, with people who are older, poorer or who have a vulnerability often being particularly affected.
They have private spaces where customers can speak to community bankers from their own bank for more complicated matters which may need privacy.
Banks work on a rotating basis, so staff from different providers are available on different days.
The 150 milestone was reached nearly four years since the first banking hubs opened as part of a pilot project to understand how to improve and protect cash access within local communities.
The 100th hub to open was also in Lancashire, in Darwen.
Some hubs are situated in former bank branches, but others had a variety of previous uses, such as pharmacies and community centres.
A banking hub in Looe, Cornwall was previously a sardine factory and one in Auchterarder in Scotland had a former existence as a public toilet.
A hub in Treorchy in Wales meanwhile is being located within a convenience store. The hub, located in a Co-op, marks Cash Access UK’s first banking hub within a supermarket setting.
ATM network Link decides where new banking hubs are needed.
It reviews the impact of proposed branch closures and communities can also ask Link to carry out an assessment if they feel they need better access to cash.
Alongside banking hubs, Cash Access UK, which is funded by major banks, also provides deposit services, helping small businesses to deposit cash.
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So far, 224 banking hubs and 149 deposit services have been recommended.
Gareth Oakley, chief executive of Cash Access UK said: “The format of banking hubs is continually evolving as we learn from our experience.
“They may come in different shapes and sizes to best meet the needs of the community, but whatever their format, they all provide easy access to cash and banking services and a warm and welcoming customer experience.
“We’re pleased to work closely with Co-op for the first hub opening within a convenience store. It’s a great, convenient spot and naturally there is a lot of footfall into the shop.”
Economic Secretary to the Treasury, Emma Reynolds, said: “Reaching this milestone of opening 150 banking hubs is a huge step towards reaching our target of opening 350 hubs by the end of this Parliament.”